Last Updated on Şubat 22, 2024 by Aydoğan Aknar
Decoding the 2024 Rental Income Tax for Property Owners in Turkey
With the looming tax season, property owners in Turkey are buzzing with anticipation, especially those who earned more than 21 thousand TL in rental income last year. As the declaration period kicks off, numerous questions arise regarding the specifics of the 2024 rental income tax. In this blog post, we’ll delve into the essential details you need to pay attention to when making your declaration.
As the tax period approaches, the clock is ticking for millions of property owners, initiating the declaration period for those who garnered rental income from their residences and workplaces in the past year. Individuals who own properties and earn rental income are on a quest to comprehend how to calculate the rental income tax and navigate the declaration process.
Key Dates for 2024 Rental Income Tax Payment
As reported by NTV, taxes stemming from rental income can be settled in two equal instalments, with deadlines in March and July. Property owners must make the first instalment, coupled with the stamp tax, by March 31, and the second instalment by July 31.
Rental income taxpayers can pay taxes through the Interactive Tax Office, RA mobile app, banks, alternative payment channels, PTT offices, and all tax offices. Calculating the rental income tax involves subtracting exempt sections from the total rental income, determining expenses for the remaining portion, and deducting them from the base. The income tax is then calculated based on the applicable brackets, with an additional stamp tax due for the annual declaration.
Who Needs to Declare Rental Income in 2024?
Rental income above 21k Turkish Liras from Jan 1 to Dec 31, 2023, will be taxable for property owners. An exception is granted only for a single dwelling in the residence. Failure to declare or under-declare rental income will void the exemption. Owners of multiple rental properties should note that only one property can be eligible for exemption rate. Conversely, exceeding the declaration limit in workplace rental income does not reduce the exemption rate.
Property owners must understand rental income tax declaration details before the 2024 deadline. Failure to comply with the regulations may lead to missed exemptions and potential penalties. Stay informed, calculate diligently, and meet the deadlines to ensure a smooth tax season.
Frequently Asked Questions (FAQs)
- What is the deadline for the first instalment of the rental income tax in 2024?
- The first instalment, along with the stamp tax, must be paid by March 31.
- Can I use the exemption rate for multiple residences generating rental income?
- No, the exemption rate is applicable to only one residence.
- How can I pay my rental income tax in Turkey?
- Taxpayers can use various methods, including the Interactive Tax Office, RA mobile application, contracted bank branches, and alternative payment channels.
- Exceeding the declaration limit will definitely reduce the exemption rate for workplace rental income.
- The declaration limit for workplace rental income does not affect the exemption rate.
- What happens if I fail to declare or under-declare my rental income?
- Failure to declare or under-declare will result in the loss of exemptions and may lead to penalties.
